Purpose

• The Technology Committee has been created to provide the strategic and tactical guidance for managing Ajman Bank´s overall technology systems in the long and short term
• Ensure systems development and maintenance projects initiated are consistent with the strategic business goals
• Ensure that systems development and maintenance project priorities best meet the overall priorities of the Bank
• Ensure the systems implemented meet the requirements and specifications of the users

Authority

• IT Committee is primarily a decision making body for executing the IT related decision of the Bank within the authorities delegated from the Board and as per the decisions of the Management Committee
• All decisions are to be taken by a simple majority vote. The casting vote in the event of a tie will be that of the Chairman of the Committee.

Composition

• The Composition of the IT Committee will be determined by the CEO and will include representatives of the relevant divisions
• Other members of the management can be invited on a case by case basis, however, they will not constitute a part of IT Committee|

Meetings

• The IT Committee shall meet quarterly or as required.
• The Committee shall meet in person or telephonically, or by circulation of documents.
• Majority of the members must be present in order for a quorum to be achieved at the meeting.

Responsibilities: The Committee shall be responsible for

• Agreeing and approving the Bank´s IT strategy and budget to ensure it aligns with the business needs
• Reviewing and approving the IT policies established
• Reviewing IT performance against plans and budgets and recommend changes as needed
• Reviewing systems and development project requests (NPR´s) against cost/benefits to the bank and approval or reject
• Reviewing all the systems development projects and set priorities based on resources required, cost/benefit, implementation schedule requirements or limitations
• Approving re-allocation of resources within IT to facilitate meeting priorities and business needs
• Reviewing and approving implementation plans
• Reviewing results of quality assurance testing to ensure projects meet user specifications and approve implementation or require more development before implementation
• Reviewing results of implementation and agree to final acceptance of the system or require additional development
• Reviewing the reports and approve actions that result from the IT Security Committee meetings